Pakistani business tycoon Hussain Dawood has sold his coal-fired power business. The coal mining and coal power generation setup sold by Engro Energy has been playing a key role in providing affordable electricity to the nation for over five years.
Engro has sold its thermal unit to Liberty Power Holding and a consortium of three partner companies for Rs 34.75 billion ($12.5 million). One of the few big deals in Pakistan’s recent business history was reported by Karachi-based brokerage house Topline Securities.
According to Bloomberg.com, Hussain Dawood’s role in the discovery of coal deposits in Pakistan has been prominent. Pakistan is one of the countries that have large deposits of lignite coal. The deposits were discovered under Chinese President Xi Jinping’s Belt and Road Initiative, which was launched in 2013.
Pakistan has received a major investment share in the Chinese plan to improve infrastructure to promote global exports. Power plants and other projects worth 25 billion dollars have been completed here.